MAXIMUM TERM - LOTS UNDER DEVELOPMENT Clause Samples

MAXIMUM TERM - LOTS UNDER DEVELOPMENT. No Lots Under Development may be included in the Borrowing Base beyond the date that is twelve (12) Calendar Months after the date upon which such Lots Under Development was first classified as "Lots Under Development" for purposes of determining the Borrowing Base; PROVIDED, HOWEVER, such Lots Under Development may thereafter be included as Collateral in the Borrowing Base constituting Finished Lots upon the satisfaction of the conditions precedent set forth in this Agreement.